[Federal Register Volume 74, Number 113 (Monday, June 15, 2009)]
[Notices]
[Pages 28307-28308]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-13972]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60067; File No. SR-NYSEArca-2009-48]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending Its
Schedule of Fees and Charges for Exchange Services
June 8, 2009.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on May 29, 2009, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. NYSE Arca filed the proposal pursuant to Section
19(b)(3)(A) \4\ of the Act and Rule 19b-4(f)(2) \5\ thereunder. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the section of its Schedule of Fees
and Charges for Exchange Services (the ``Schedule''). While changes to
the Schedule pursuant to this proposal will be effective upon filing,
the changes will become operative on June 1, 2009. A copy of this
filing is available on the Exchange's Web site at http://www.nyse.com,
at the Exchange's principal office and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to make multiple changes to its Schedule that
will take effect on June 1, 2009. A more detailed description of the
proposed changes follows.
Tier 1 Rates:
Currently, Tier 1 rates are applied to customers with an average
daily share volume per month greater than 90 million shares in Tape A,
B and C securities, including adding liquidity of more than 45 million
shares. The Exchange proposes making Tier 1 rates more attainable for
customers by lowering the adding liquidity component from 45 million
shares to 30 million shares. In Tape A and Tape C securities, the
Exchange proposes a rebate of $0.0030 per share for orders that add
liquidity (previously $0.0029) and a take fee of $0.0030 per share for
orders that remove liquidity (previously $0.0028).
Tier 2 Rates:
Tier 2 rates are applied to customers with an average daily share
volume per month greater than 60 million shares in Tape A, B and C
securities, including adding liquidity of more than 30 million shares.
The Exchange proposes making Tier 2 rates more attainable for customers
by lowering the adding liquidity component from 30 million shares to 20
million shares. In Tape A and Tape C securities, the Exchange proposes
a rebate of $0.0028 per share for orders that add liquidity (previously
$0.0027) and a take fee of $0.0030 per share for orders that remove
liquidity (previously $0.0029).
Take Tier:
The Take Tier rates are applied to customers that take liquidity or
route to an away market center with an average daily share volume per
month greater than 85 million shares and route an average daily share
volume per month greater than 2 million shares. The Exchange proposes
to eliminate the Take Tier.
The proposed changes will become operative on June 1, 2009.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Securities Exchange Act of 1934
(the ``Act''),\6\ in general, and Section 6(b)(4) of the Act,\7\ in
particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees, and other charges among its
members and other persons using its facilities. The proposed rates are
part of the Exchange's continued effort to attract and enhance
participation on the Exchange, by offering attractive rebates for
liquidity providers and volume-based incentives. The Exchange believes
that the proposed changes to the Schedule are equitable in that they
apply uniformly to our Users.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is effective upon filing
pursuant to Section 19(b)(3)(A) \8\ of the Act and subparagraph (f)(2)
of Rule 19b-4 \9\ thereunder, because it establishes a due, fee, or
other charge imposed by NYSE Arca.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors,
[[Page 28308]]
or otherwise in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an e-mail to [email protected]. Please include
File Number SR-NYSEArca-2009-48 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2009-48. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2009-48 and should
be submitted on or before July 6, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-13972 Filed 6-12-09; 8:45 am]
BILLING CODE 8010-01-P